Logitech 2013 Annual Report Download - page 188

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2012
As Reported Adjustment As Revised
Property, plant and equipment:
Equipment ............................................ $ 148,059 $(32,248) $ 115,811
Total gross—Property, plant and equipment .................. 312,725 (32,248) 280,477
Accumulated depreciation ................................ (249,657) 32,248 (217,409)
In the year ended March 31, 2012, an inventory valuation adjustment of $34.1 million was charged to cost of
goods sold, as the result of management’s decision in early July 2011 to reduce the retail price of Logitech Revue
from $249 to $99, which due to its significance, has been presented as a non-cash charge in the consolidated
statement of cash flows.
The decrease in construction-in-progress primarily related to new facilities for the Company’s operations in
Northern California which occurred during the year ended March 31, 2012.
The following table presents the components of certain balance sheet liability amounts as of March 31, 2013
and 2012 (in thousands):
March 31,
2013 2012
Accrued and other current liabilities:
Accrued personnel expenses .............................................
$ 40,502 $ 42,809
Accrued marketing expenses............................................. 11,005 7,097
Indirect customer incentive programs ...................................... 29,464 26,112
Accrued restructuring .................................................. 13,458 —
Deferred revenue ...................................................... 22,698 19,358
Accrued freight and duty ................................................ 5,882 11,376
Value-added tax payable ................................................ 8,544 7,140
Accrued royalties ...................................................... 3,358 6,243
Warranty accrual ...................................................... 5,156 5,184
Employment benefit plan obligations ...................................... 4,351 4,129
Income taxes payable—current ........................................... 2,259 6,047
Other accrued liabilities................................................. 39,171 51,185
$185,848 $186,680
Non-current liabilities:
Income taxes payable—non-current ....................................... $ 98,827 $137,319
Obligation for deferred compensation ...................................... 15,631 14,393
Employment benefit plan obligations ...................................... 35,963 39,337
Deferred rent ......................................................... 24,136 16,042
Deferred taxes ........................................................ 1,989 2,513
Other long-term liabilities ............................................... 10,676 8,858
$187,222 $218,462
The increase in deferred rent primarily relates to new facilities for the Company’s operations in
Northern California.
Note 7 — Balance Sheet Components (Continued)
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